FMI - bulletin du FMI : l économie mondiale s essouffle, une croissance trop faible depuis longtemps
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World Economic Outlook 2016

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Publié le 12 avril 2016
Nombre de lectures 6
Langue English
Poids de l'ouvrage 5 Mo

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World Economic Outlook April 2016
Too Slow for Too Long
I N T E R N A T I O N A L M O N E T A R Y F U N D ©International Monetary Fund. Not for Redistribution
©2016 ïnternatîona Monetary Fund Cover and Desîgn: Luîsa Menjîvar and Jorge Saazar Composîtîon: AGS, An RR Donneey Company
CataloginginPublication Data
Joint BankFund Library
Names: ïnternatîona Monetary Fund. Tîte: Word economîc outook (ïnternatîona Monetary Fund) Oter tîtes: WEO | Occasîona paper (ïnternatîona Monetary Fund) | Word economîc and înancîa surveys. Descrîptîon: Wasîngton, DC : ïnternatîona Monetary Fund, 1980- | Semîannua | Some îssues aso ave tematîc tîtes. | Began wît îssue or May 1980. | 1981-1984: Occasîona paper / ïnternatîona Monetary Fund, 0251-6365 | 1986-: Word economîc and înancîa surveys, 0256-6877. ïdentîîers: ïSSN 0256-6877 (prînt) | ïSSN 1564-5215 (onîne) Subjects: LCSH: Economîc deveopment—Perîodîcas. | ïnternatîona economîc reatîons— Perîodîcas. | Debts, Externa—Perîodîcas. | Baance o payments—Perîodîcas. | ïnternatîona înance—Perîodîcas. | Economîc orecastîng—Perîodîcas. Cassîîcatîon: LCC HC10.W79
HC10.80
ïSBN 978-1-49839-858-9 (paper)  978-1-47554-372-8 (PDF)  978-1-47556-199-9 (ePub)  978-1-47556-264-4 (Mobî)
TeWorld Economic Outlook (WEO) îs a survey by te ïMF sta pubîsed twîce a year, în te sprîng and a. Te WEO îs prepared by te ïMF sta and as beneîted rom comments and suggestîons by Executîve Dîrectors oowîng teîr dîscussîon o te report on Marc 28, 2016. Te vîews expressed în tîs pubîcatîon are tose o te ïMF sta and do not necessarîy represent te vîews o te ïMF’s Executîve Dîrectors or teîr natîona autorîtîes.
Recommended citation:ïnternatîona Monetary Fund. 2016.World Economic Outlook: Too Slow or Too Long.Wasîngton, Aprî.
Pubîcatîon orders may be paced onîne, by ax, or troug te maî: ïnternatîona Monetary Fund, Pubîcatîon Servîces P.O. Box 92780, Wasîngton, DC 20090, U.S.A. Te.: (202) 623-7430 Fax: (202) 623-7201 E-maî: pubîcatîons@îm.org www.îmbookstore.org www.eîbrary.îm.org
©International Monetary Fund. Not for Redistribution
CONTENTS
Assumptions and Conventions
Further Inormation and Data
Preace
Foreword
Executive Summary
Chapter 1. Recent Developments and Prospects Recent Deveopments and Prospects he Forecast A Pronounced ïncrease în Downsîde Rîsks Poîcy Prîorîtîes Specîa Feature: Commodîty Market Deveopments and Forecasts, wît a Focus on te Energy Transîtîon în an Era o Low Fossî Fue Prîces Annex 1.1. Regîona Projectîons Scenarîo Box 1. he Estîmated ïmpact o Lower Oî Prîces Scenarîo Box 2. Respondîng to Secuar Stagnatîon Forces Box 1.1. Dîssectîng te Goba Trade Sowdown Box 1.2. Macroeconomîc Deveopments and Outook în Low-ïncome Deveopîng Countrîes: he Roe o Externa Factors Reerences
Chapter 2. Understanding the Slowdown in Capital Flows to Emerging Markets Anatomy o te Sowdown în Net Capîta ïnlows Hîstorîca Comparîsons: Wat ïs Dîferent hîs Tîme? Wat ïs Drîvîng te Recent Sowdown în Capîta Fows to Emergîng Market Economîes? Concusîons Annex 2.1. Sampe o Emergîng Market Economîes Annex 2.2. Data Annex 2.3. Metodoogy Box 2.1. Capîta Fows to Low-ïncome Deveopîng Countrîes Box 2.2. U.S. Monetary Poîcy and Capîta Fows to Emergîng Markets Reerences
Chapter 3. Time or a Supply-Side Boost? Macroeconomic Efects o Labor and Product Market Reorms in Advanced Economieshe Economîcs o Product and Labor Market Reorms: A Prîmer he Macroeconomîc Efects o Reorms: A Mode-Based Anaysîs he Macroeconomîc Efects o Reorms: An Empîrîca Anaysîs Summary and Poîcy ïmpîcatîons Annex 3.1. Modeîng te Efects o Product and Labor Market Reorms
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Annex 3.2. ïdentîIcatîon o Reorms and Poîcy Socks Annex 3.3. he Macroeconomîc Efects o Reorms: Empîrîca Anaysîs Annex 3.4. Country Coverage and Data Sources Box 3.1. Breakîng te Deadock: ïdentîyîng te Poîtîca Economy Drîvers o Structura Reorms Box 3.2. Reormîng Coectîve-Bargaînîng Systems to Acîeve Hîg and Stabe Empoyment Box 3.3. he Potentîa Productîvîty Gaîns rom Furter Trade and Foreîgn Dîrect ïnvestment Lîberaîzatîon Box 3.4. Can Reorm Waves Turn te Tîde? Some Case Studîes Usîng te Syntetîc Contro Metod Reerences
Statistical Appendix Assumptîons Wat’s New Data and Conventîons Country Notes CassîIcatîon o Countrîes Genera Features and Composîtîon o Groups în teWorld Economic OutlookCassîIcatîon Tabe A. CassîIcatîon byWorld Economic OutlookGroups and heîr Sares în Aggregate GDP, Exports o Goods and Servîces, and Popuatîon, 2015 Tabe B. Advanced Economîes by Subgroup Tabe C. European Unîon
Tabe D. Emergîng Market and Deveopîng Economîes by Regîon and Maîn Source o Export Earnîngs
Tabe E. Emergîng Market and Deveopîng Economîes by Regîon, Net Externa Posîtîon, and Status as Heavîy ïndebted Poor Countrîes and Low-ïncome Deveopîng Countrîes Tabe F. Economîes wît Exceptîona Reportîng Perîods Tabe G. Key Data Documentatîon Box A1. Economîc Poîcy Assumptîons Underyîng te Projectîons or Seected Economîes Lîst o Tabes  Output (Tabes A1–A4)  ïnlatîon (Tabes A5–A7)  Fînancîa Poîcîes (Tabe A8)  Foreîgn Trade (Tabe A9)  Current Account Transactîons (Tabes A10–A12)  Baance o Payments and Externa Fînancîng (Tabe A13)  Fow o Funds (Tabe A14)  Medîum-Term Baseîne Scenarîo (Tabe A15)
World Economic Outlook,Selected Topics
IMF Executive Board Discussion o the Outlook, March 2016
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Tables Tabe 1.1. Overvîew o teWorld Economic OutlookProjectîons Annex Tabe 1.1.1. European Economîes: Rea GDP, Consumer Prîces, Current Account Baance, and Unempoyment Annex Tabe 1.1.2. Asîan and PacîIc Economîes: Rea GDP, Consumer Prîces, Current Account Baance, and Unempoyment Annex Tabe 1.1.3. Western Hemîspere Economîes: Rea GDP, Consumer Prîces, Current Account Baance, and Unempoyment Annex Tabe 1.1.4. Commonweat o ïndependent States Economîes: Rea GDP, Consumer Prîces, Current Account Baance, and Unempoyment Annex Tabe 1.1.5. Mîdde East and Nort Arîcan Economîes, Aganîstan, and Pakîstan: Rea GDP, Consumer Prîces, Current Account Baance, and Unempoyment Annex Tabe 1.1.6. Sub-Saaran Arîcan Economîes: Rea GDP, Consumer Prîces, Current Account Baance, and Unempoyment Tabe 1.SF.1. Word Energy Usage, 2013 Tabe 1.SF.2. Summary o Severe Accîdents în te Energy Sector, 1970–2008 Tabe 1.SF.3. Goba Sare o Greenouse Gas Emîssîons by Country Tabe 1.SF.4. Greenouse Gas Emîssîons Target Reductîons, Parîs Agreement, December 2015 Tabe 2.1. Foreîgn Reserves and te Current Account în Baance o Payments Adjustments Tabe 2.2. Large Deprecîatîons, Bankîng Sector Stress, and Externa Crîses durîng Sowdown Epîsodes Annex Tabe 2.1.1. Countrîes în te Capter’s Emergîng Market Economîes Sampe Annex Tabe 2.1.2. Externa Crîsîs Epîsodes, 1980–2015 Annex Tabe 2.1.3. Large Deprecîatîon Epîsodes, 1995–2000 Annex Tabe 2.1.4. Large Deprecîatîon Epîsodes, 2010–15 Annex Tabe 2.3.1. Roe o Goba Factors în Expaînîng Gross Capîta ïnlows Annex Tabe 2.3.2. Roe o Goba Factors în Expaînîng Gross Capîta Outlows Annex Tabe 2.3.3. Roe o Country Caracterîstîcs în Expaînîng Gross Capîta ïnlows Annex Tabe 2.3.4. Roe o Country Caracterîstîcs în Expaînîng Gross Capîta Outlows Annex Tabe 2.3.5. Roe o ïnteractîon Terms în Expaînîng Gross Capîta ïnlows Annex Tabe 2.3.6. Roe o Country Caracterîstîcs and Goba Factors în Expaînîng Gross Capîta ïnlows Tabe 2.2.1. Sort-Term Determînants o Emergîng Market Fund Fows Tabe 3.1 Efect o Product and Labor Market Reorms on Macroeconomîc Outcomes Annex Tabe 3.2.1. Exampes o Reorms ïdentîIed Annex Tabe 3.4.1. Country Coverage Annex Tabe 3.4.2. Macroeconomîc Data Sources Tabe 3.1.1. Drîvers o Reorms
Tabe A1. Summary o Word Output Tabe A2. Advanced Economîes: Rea GDP and Tota Domestîc Demand Tabe A3. Advanced Economîes: Components o Rea GDP Tabe A4. Emergîng Market and Deveopîng Economîes: Rea GDP Tabe A5. Summary o ïnlatîon Tabe A6. Advanced Economîes: Consumer Prîces Tabe A7. Emergîng Market and Deveopîng Economîes: Consumer Prîces Tabe A8. Major Advanced Economîes: Genera Government Fîsca Baances and Debt Tabe A9. Summary o Word Trade Voumes and Prîces Tabe A10. Summary o Current Account Baances Tabe A11. Advanced Economîes: Baance on Current Account
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Tabe A12. Emergîng Market and Deveopîng Economîes: Baance on Current Account Tabe A13. Summary o Fînancîa Account Baances Tabe A14. Summary o Net Lendîng and Borrowîng Tabe A15. Summary o Word Medîum-Term Baseîne Scenarîo
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Online Tables Tabe B1. Advanced Economîes: Unempoyment, Empoyment, and Rea GDP per Capîta Tabe B2. Emergîng Market and Deveopîng Economîes: Rea GDP Tabe B3. Advanced Economîes: Houry Earnîngs, Productîvîty, and Unît Labor Costs în Manuacturîng Tabe B4. Emergîng Market and Deveopîng Economîes: Consumer Prîces Tabe B5. Summary o Fîsca and Fînancîa ïndîcators Tabe B6. Advanced Economîes: Genera and Centra Government Net Lendîng/Borrowîng and Genera Government Net Lendîng/Borrowîng Excudîng Socîa Securîty Scemes Tabe B7. Advanced Economîes: Genera Government Structura Baances Tabe B8. Emergîng Market and Deveopîng Economîes: Genera Government Net Lendîng/ Borrowîng and Overa Fîsca Baance Tabe B9. Emergîng Market and Deveopîng Economîes: Genera Government Net Lendîng/ Borrowîng Tabe B10. Seected Advanced Economîes: Excange Rates Tabe B11. Emergîng Market and Deveopîng Economîes: Broad Money Aggregates Tabe B12. Advanced Economîes: Export Voumes, ïmport Voumes, and Terms o Trade în Goods and Servîces Tabe B13. Emergîng Market and Deveopîng Economîes by Regîon: Tota Trade în Goods Tabe B14. Emergîng Market and Deveopîng Economîes by Source o Export Earnîngs: Tota Trade în Goods Tabe B15. Summary o Current Account Transactîons Tabe B16. Emergîng Market and Deveopîng Economîes: Summary o Externa Debt and Debt Servîce Tabe B17. Emergîng Market and Deveopîng Economîes by Regîon: Externa Debt by Maturîty Tabe B18. Emergîng Market and Deveopîng Economîes by Anaytîca Crîterîa: Externa Debt by Maturîty Tabe B19. Emergîng Market and Deveopîng Economîes: Ratîo o Externa Debt to GDP Tabe B20. Emergîng Market and Deveopîng Economîes: Debt-Servîce Ratîos Tabe B21. Emergîng Market and Deveopîng Economîes, Medîum-Term Baseîne Scenarîo: Seected Economîc ïndîcators Figures Fîgure 1.1. Goba Actîvîty ïndîcators4 Fîgure 1.2. Goba ïnlatîon5 Fîgure 1.3. Commodîty and Oî Markets5 Fîgure 1.4. Rea Efectîve Excange Rate Canges, August 2015–February 20166 Fîgure 1.5. Emergîng Market Economîes: Capîta Fows7 Fîgure 1.6. Advanced Economîes: Monetary and Fînancîa Market Condîtîons8 Fîgure 1.7. Advanced Economîes: Credît, House Prîces, and Baance Seets8 Fîgure 1.8. Emergîng Market Economîes: ïnterest Rates9 Fîgure 1.9. Emergîng Market Economîes: Equîty Markets and Credît9 Fîgure 1.10. Cîna’s Sare o Vaue-Added Exports and Cange în Export Voume Growt10 Fîgure 1.11. Terms-o-Trade Wînda Gaîns and Losses, Domestîc Demand, ïmports, and Output11 Fîgure 1.12. Energy and Mînîng ïnvestment13 Fîgure 1.13. Goba ïnvestment and Trade Sowdown13 Fîgure 1.14. Fîsca Poîcîes17
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Fîgure 1.15. Externa Sector Fîgure 1.16. Credîtors versus Debtors Fîgure 1.17. Rîsks to te Goba Outook Fîgure 1.18. Recessîon and Delatîon Rîsks Scenarîo Fîgure 1. Decomposîtîon o te Cange în Oî Prîces: 2014World Economic Outlookversus Aprî 2016World Economic OutlookScenarîo Fîgure 2. Oî Scenarîo Scenarîo Fîgure 3. Secuar Stagnatîon and Reorm Fîgure 1.SF.1. Commodîty Market Deveopments Fîgure 1.SF.2. Word Energy ïntensîty Fîgure 1.SF.3. Car Ownersîp and GDP per Capîta, 2013 Fîgure 1.SF.4. Word Energy Consumptîon Sare by Fue Type Fîgure 1.SF.5. Carbon Emîssîons or Varîous Fues Fîgure 1.SF.6. Eectrîcîty Generatîon Fîgure 1.SF.7. Cost o Renewabes and Researc and Deveopment Eforts Fîgure 1.SF.8. U.S. Saes o Eectrîc Veîces and Gasoîne Prîce Fîgure 1.SF.9. Duck Curve: ïustratîve Cange în Projectîons o Net Load Curve Fîgure 1.SF.10. Word Patents Fîgure 1.SF.11. Dîrect Norma ïrradîatîon Fîgure 1.1.1. Trade and Output Growt Fîgure 1.1.2. ïmport Eastîcîty Fîgure 1.1.3. ïmport Voume ïndex by End Use Fîgure 1.1.4. Capîta Goods ïmport Voume ïndex Fîgure 1.2.1. Low-ïncome Deveopîng Countrîes: Rea GDP Growt Fîgure 1.2.2. Low-ïncome Deveopîng Countrîes: Purcasîng-Power-Parîty GDP Sares Fîgure 1.2.3. Terms-o-Trade Wînda Gaîns and Losses Fîgure 1.2.4. Tradîng Partners’ GDP Growt Canges Fîgure 1.2.5. Sovereîgn Bond Spreads în Low-ïncome Deveopîng Countrîes Fîgure 1.2.6. Sîmuated Efects o Lower Oî Prîces on Growt and Pubîc Debt în Low-ïncome Deveopîng Countrîes Fîgure 2.1. Net Capîta ïnlows to Emergîng Market Economîes and Number o Debt Crîses, 1980–2015:Q3 Fîgure 2.2. Net Capîta ïnlows to Emergîng Market Economîes, 2000–15:Q3 Fîgure 2.3. Capîta ïnlows and Outlows or Emergîng Market Economîes, 2000–15:Q3 Fîgure 2.4. Capîta ïnlows and Outlows or Emergîng Market Economîes by Asset Type: 2000–15:Q3 Fîgure 2.5. Net Capîta ïnlows by Regîon, 2000–15:Q3 Fîgure 2.6. Net Reserve Assets o Emergîng Market Economîes, 2000–15:Q3 Fîgure 2.7. Excange Rates o Emergîng Market Economîes, 2010–15:Q3 Fîgure 2.8. Net Capîta ïnlow Sowdown and Excange Rate Canges, 2010–15:Q3 Fîgure 2.9. Cost o Fînancîng, Sovereîgn Spreads, and Capîta Fows în Emergîng Market Economîes Fîgure 2.10. hree Major Net Capîta ïnlow Sowdown Epîsodes Fîgure 2.11. Externa Baance Seets o Emergîng Market Economîes, 1980–2014 Fîgure 2.12. Gross Capîta ïnlows and Outlows o Emergîng Market Economîes, 1980–2014 Fîgure 2.13. Net Externa Debt Lîabîîtîes o Emergîng Market Economîes, 1980–2014 Fîgure 2.14. Outstandîng Debt o Emergîng Market Economîes Denomînated în Domestîc Currency, 1995–2015 Fîgure 2.15. Net Capîta Outlows and te Current Account durîng te 2010–15 Sowdown Fîgure 2.16. Nomîna Efectîve Excange Rate Adjustment în 1995–2000 and 2010–15:Q3 Fîgure 2.17. Roe o Goba Factors în te Recent Sowdown Fîgure 2.18. Estîmated Tîme Fîxed Efects and Average Gross Capîta ïnlows to Emergîng Market Economîes
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Fîgure 2.19. Sare o Varîatîon în Gross Capîta ïnlows Expaîned by Goba Factors Fîgure 2.20. 2010–15 Gross Capîta ïnlow Sowdown and Country-SpecîIc Caracterîstîcs Fîgure 2.21. Dîferences în te Contrîbutîon o Goba Factors between More and Less Fexîbe Excange Rate Regîmes Fîgure 2.1.1. Net Capîta ïnlows to Low-ïncome Deveopîng Countrîes, 2000–14 Fîgure 2.1.2. Capîta ïnlows and Outlows o Low-ïncome Deveopîng Countrîes, 2000–14 Fîgure 2.1.3. Capîta ïnlows to Low-ïncome Deveopîng Countrîes by Asset Type and Net Capîta ïnlows by Regîon, 2000–14 Fîgure 2.1.4. Net Reserve Assets and Current Account Baance, 2000–14 Fîgure 2.1.5. Net Capîta ïnlows to Low-ïncome Deveopîng Countrîes, 2012–15, Restrîcted Sampe Fîgure 2.1.6. Excange Rates o Low-ïncome Deveopîng Countrîes, 2009–15:Q3 Fîgure 2.2.1. Correatîon between Emergîng Market Fund Fows and Emergîng Market Tota Portoîo ïnlows Fîgure 3.1. Evoutîon o Potentîa Output Growt and ïts Components în Advanced Economîes Fîgure 3.2. Evoutîon o Product Market Reguatîons Fîgure 3.3. Evoutîon o Labor Market ïnstîtutîons Fîgure 3.4. Seected Mode Resuts Fîgure 3.5. Macroeconomîc Efects o Product Market Reorms Fîgure 3.6. Dîrect and ïndîrect Sectora Output Efects o Product Market Reorms Fîgure 3.7. Dîrect Efects o Product Market Reorms on ïncumbent Fîrms’ Output Fîgure 3.8. Dîrect Efects o Product Market Reorms on ïncumbent Fîrms’ Empoyment: he Roe o Fîrm Sîze Fîgure 3.9. Dîrect Efects o Product Market Reorms on ïncumbent Fîrms’ ïnvestment: he Roe o Fînancîa Condîtîons Fîgure 3.10. Macro and Sectora Efects o Empoyment Protectîon Legîsatîon Reorms Fîgure 3.11. Unempoyment Efects o Unempoyment BeneIt Reorms Fîgure 3.12. Macroeconomîc Efects o Labor Tax Wedge Cuts Fîgure 3.13. Macroeconomîc Efects o Spendîng Socks on Actîve Labor Market Poîcîes Fîgure 3.14. Roe o Fîsca Poîcy în Sapîng te Efects o Empoyment Protectîon Legîsatîon and Unempoyment BeneIt Reorms on Unempoyment Fîgure 3.15. Efects o Reorms on Partîcîpatîon Rates o Women and Oder Workers Annex Fîgure 3.2.1. Number o Reorms ïdentîIed Annex Fîgure 3.3.1. Efects o Reorms on Economîc Actîvîty: Robustness Ceck Fîgure 3.2.1. Portuga: Empoyment Growt durîng te Goba Fînancîa Crîsîs among Fîrms Not Aiîated wît an Empoyer Assocîatîon Fîgure 3.2.2. Cange în Unempoyment Rate Fîgure 3.3.1. Trade Lîberaîzatîon Fîgure 3.4.1. Log o Rea GDP per Capîta în Purcasîng-Power-Parîty Terms
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ASSUMPTIONS AND CONVENTIONS
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A number o assumptîons ave been adopted or te projectîons presented în teWorld Economic Outlook(WEO). ït as been assumed tat rea efectîve excange rates remaîned constant at teîr average eves durîng Feb-ruary 2–Marc 1, 2016, except or tose or te currencîes partîcîpatîng în te European excange rate mecanîsm ïï (ERM ïï), wîc are assumed to ave remaîned constant în nomîna terms reatîve to te euro; tat estabîsed poîcîes o natîona autorîtîes wî be maîntaîned (or specîIc assumptîons about Isca and monetary poîcîes or seected economîes, see Box A1 în te Statîstîca Appendîx); tat te average prîce o oî wî be $34.75 a barre în 2016 and $40.99 a barre în 2017 and wî remaîn uncanged în rea terms over te medîum term; tat te sîx-mont London înterbank ofered rate (LïBOR) on U.S. doar deposîts wî average 0.9 percent în 2016 and 1.5 percent în 2017; tat te tree-mont euro deposît rate wî average –0.3 percent în 2016 and –0.4 percent în 2017; and tat te sîx-mont Japanese yen deposît rate wî yîed on average –0.1 percent în 2016 and –0.3 per-cent în 2017. hese are, o course, workîng ypoteses rater tan orecasts, and te uncertaîntîes surroundîng tem add to te margîn o error tat woud în any event be învoved în te projectîons. he estîmates and projec-tîons are based on statîstîca înormatîon avaîabe troug Marc 25, 2016. he oowîng conventîons are used trougout te WEO: . . . to îndîcate tat data are not avaîabe or not appîcabe; – between years or monts (or exampe, 2015–16 or January–June) to îndîcate te years or monts cov-ered, încudîng te begînnîng and endîng years or monts; / between years or monts (or exampe, 2015/16) to îndîcate a Isca or Inancîa year. “Bîîon” means a tousand mîîon; “trîîon” means a tousand bîîon. “Basîs poînts” reers to undredts o 1 percentage poînt (or exampe, 25 basîs poînts are equîvaent to ¼ o 1 percentage poînt). Data reer to caendar years, except în te case o a ew countrîes tat use Isca years. Pease reer to Tabe F în te Statîstîca Appendîx, wîc îsts te economîes wît exceptîona reportîng perîods or natîona accounts and government Inance data or eac country. For some countrîes, te Igures or 2015 and earîer are based on estîmates rater tan actua outturns. Pease reer to Tabe G în te Statîstîca Appendîx, wîc îsts te atest actua outturns or te îndîcators în te natîona accounts, prîces, government Inance, and baance o payments îndîcators or eac country. • Data or Macao Specîa Admînîstratîve Regîon and te Commonweat o Puerto Rîco are încuded în data aggregated or te advanced economîes. Macao îs a Specîa Admînîstratîve Regîon o Cîna, and Puerto Rîco îs a terrîtory o te Unîted States, but te WEO maîntaîns statîstîca data or bot economîes on a separate and îndependent basîs. • Argentîna’s and Venezuea’s consumer prîces are excuded rom a te WEO groups’ aggregates. ïn te tabes and Igures, te oowîng conventîons appy: • ï no source îs îsted on tabes and îgures, data are drawn rom te WEO database. • Wen countrîes are not îsted apabetîcay, tey are ordered on te basîs o economîc sîze. • Mînor dîscrepancîes between sums o constîtuent îgures and totas sown reect roundîng. As used în tîs report, te terms “country” and “economy” do not în a cases reer to a terrîtorîa entîty tat îs a state as understood by înternatîona aw and practîce. As used ere, te term aso covers some terrîtorîa entîtîes tat are not states but or wîc statîstîca data are maîntaîned on a separate and îndependent basîs.
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WORLD ECONOMIC OUTLOOK: TOO SLOW FOR TOO LONG
Composîte data are provîded or varîous groups o countrîes organîzed accordîng to economîc caracterîstîcs or regîon. Uness noted oterwîse, country group composîtes represent cacuatîons based on 90 percent or more o te weîgted group data. he boundarîes, coors, denomînatîons, and any oter înormatîon sown on te maps do not împy, on te part o te ïnternatîona Monetary Fund, any judgment on te ega status o any terrîtory or any endorsement or acceptance o suc boundarîes.
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